The price of BTC has fallen below $70,000 again, against the expectations of many who believed that the price could be ready to break through $73,000 for a new all-time high. With many already disappointed again, it is worth covering some of the reasons the price of BTC may be dipping.
Expert analyst Ash Crypto offers insight into this situation. He notes four key reasons influencing the decline in Bitcoin’s price:
The recent conflict between Iran and Israel has escalated, with reports indicating plans for Iran to attack Israel from Iraqi territory. As Ash Crypto emphasizes, geopolitical tensions and wars are generally negative for Bitcoin and the broader crypto market.
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Earnings reports from major tech companies have also played a role. Despite Microsoft and Meta beating expectations, they posted weaker-than-anticipated results due to rising AI costs, which led to a sell-off in their stocks. This downturn affected the entire market, including cryptocurrencies.
Rising bond yields are another factor. The 10-year note is now trading above 4.3%, which historically dampens demand for equities, leading investors to reconsider their positions in riskier assets like Bitcoin.
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Additionally, the Core Personal Consumption Expenditures (PCE) index has seen a slight increase above 2.7%. This rise could prompt the Federal Reserve to adopt a more hawkish stance, further impacting investor sentiment.
Ash Crypto believes these factors will likely result in a temporary dip. He draws a parallel to previous market behavior, suggesting that while the month has started with a decline, it may end with Bitcoin surpassing $80,000, similar to trends seen in the past.
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